CFPB education loan ombudsman report foreshadows active and wide-ranging engagement by “new CFPB” in student loan market
The CFPB Education Loan Ombudsman has issued his annual report covering the period from September 1, 2020 through August 31, 2021.
The report includes an analysis of the approximately 5,300 complaints related to private or federal student loans that the Bureau received during that period. While complaints overall during this period trended lower, the decrease was most pronounced for federal student loan complaints which decreased approximately 32% compared to the prior year. Private student loan complaints decreased approximately 0.8%. The Bureau cites the CARES Act and other relief measures for federal student loans as the likely reason for the decrease in federal student loan complaints.
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